Azerbaijan Risk Professionals Association (ARPA) and audit consulting company MAK Azerbaijan Ltd will jointly support the formation and development of a risk management culture in Azerbaijan. Yesterday they signed a five-year cooperation agreement between the two organizations.
According to the document, the parties will develop and implement a national program of risk management. The agenda also includes holding of regular joint forums, conferences and meetings of "round tables" on risks. Also planned is joint research and risk analysis.
This is not the first fruits of partnership between the two organizations this year - on 23 October, a joint presentation took place on the management of a variety of risks of local businesses, including financial reporting and internal supervision, management, international financial reporting standards, preventive measures against fraud, etc. - 17D-
Economics
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In a significant step towards advancing economic reforms, Azerbaijan's Minister of Economy, Mikayil Jabbarov, met with a delegation led by Charles Donald, Chair of the OECD Working Party on State Ownership and Privatisation Practices and CEO of the UK Government Investments Agency. The meeting underscored Azerbaijan's partnership with the Organisation for Economic Co-operation and Development (OECD) and explored new avenues of collaboration.
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Azerbaijan is finalizing work on the "E-KOB evi" digital portal, aimed at streamlining business operations and enhancing coordination between entrepreneurs, state agencies, and private entities, Orkhan Mammadov, Chairman of the Management Board of the Small and Medium Business Development Agency (KOBIA), said.
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On December 3, Azerbaijan's Cabinet of Ministers approved new regulations requiring small electric transport vehicle operators to provide detailed data on vehicle use and operator information to government systems, effective immediately.
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In November 2024, the State Oil Fund of Azerbaijan (SOFAZ) sold $574.6 million, pushing the total dollar sales for the first 11 months of the year to $6.5 billion. According to SOFAZ, this represents a 40.8% increase compared to November 2023, when sales reached $339.9 million.
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